458 A year of Ferrari ownership

Coming up on one year in late December. 2013 Spider with virtually all the bells and whistles. The one option it doesn’t have is cruise control (wish it did, would have saved me).

Just about 8,000 on the clock, so I drove 6k in one year - not bad. It was never going to be a garage queen.

Yes, pluses and minuses, most of which have been posted about ad nauseum. I purchased it as an experiment (yes, I’m a scientist). Experimental success!

Overall, I really like the 458. It’s a special car to own and drive.

I’m blessed..........

 

Congrats I have the same car and you can add the cruise, mine did not have it and I wanted it.

 

I am a scientist , and strictly a N/A guy, but I experimented and bought the 488 GTB.

Ferrari's ARE UNBELIEVABLE CARS . Enjoy and drive like you have been , I sure do.

 

The question though, is was it worth it? As a value proposition?

One year ago today, the DJIA was $24,720. Today it is $27,901. So the basic stock market is up 11% (If you paid cash, that's at least $22k right there). Plus your car is worth $24k less now ($4/mile). Insurance. Sales taxes where I live are 6.3%, so that's another $12k.

I'm in a similar boat and calculate I'm out about $60k plus modifications for the first year of ownership. Was it worth it? I think so. I love the car. However, if I ever have to go work a day job again because I need money, my answer will probably change!

 

It’s late and my head is spinning, but I’ll try to reply......

My single biggest regret is that I didn’t do it sooner. In 2018, I lost both parents, and several friends. My wife has an incurable disease. Perhaps I can’t explain it in a way most will understand, but money means a lot less to me now.

A fellow Fchatter, Kirk, stated it best. A Ferrari is a terrible investment that pays great dividends. I know exactly what he means .

 

"A Ferrari is a terrible investment that pays great dividends"

Wow, so true

 

Life isnt a rehearsal , you have only one go.

 

But day or month can be a rehearsal, just don't make the same mistake as before. If you didn't drive the car you want, drive it now!

 

Yes, cruise control aka pit speed can be retrofitted. $1-2k at your dealer.

I hard wired a Valentine V-1. No tickets in my Rosso Corsa spider...2012 and 30k+ miles.

I try to stay off Interstates as two lane roads are more fun in the mountains anyway.

Glad to see you love the 458 as well. It is truly an awe-inspiring sports car. Not.a GT...a spine tingling sports car the likes of which will (probably) never be produced again.

 

Man... that is sad, we all go in the end that is the great equalizer but still....all the best. You're still alive and kicking so make the best for those who cant, be happy for them and never forget those special people want you to be happy as well, its their greatest wish for you! Honor them by smiling everyday and driving that very special car, I know, I have one!
Kickass!

 

OP, I have about 11,000 miles of therapeutic driving on my 17 month old 488 GTB. Ride on.....

 

Very sorry to hear about the loss of your parents and your difficult challenges, you are right to live each moment to its fullest.

 

Wow. Who knew there were so many scientists here! Glad the F car is bringing you joy amidst your struggles.
T

 

Quoted for truth

 

Went through the mental gymnastics myself. Financially hard to justify, though I think the 458 makes a lot more sense than any other exotic within similar age and cost range. And in terms of a place to park capital, I think it might be safer than first meets the eye. Yes S&P is up, but working an as analyst myself (not that I cover equities and also we're almost always wrong anyway), my thought (not an original one) is that a major correction is on the horizon. Not much more quantitative easing that we can do with rates this low. Last period that looked like this was pre great depression. Only other tool available to the fed is printing more money, which gives us lots of inflation. Without getting political, it's worth musing on the idea that the dollar may not reign supreme as a default trading currency for the indefinite future. Bottom line, we have far too much gov debt to gdp and a federal debt per capita north of $65K which, plus record household debt-- with stagnant wages, and life is getting harder and harder for the average American--not a sustainable recipe. Credit card debt, mortgage debt, auto debt, and student loan debt are at or near all time highs, and the average American's wages have not increased in relative buying power for over 40 years. I have exact stats and specs if anyone is interested. One stat that highlights the **** storm more than most in my eye is that 75% of the wealth is held by retirees or pre-retirees. We all hear about the top X% holding Y wealth but that ones seems to resonate more. Also a shocking amount of public companies can't cover their interest payments.


Normally, when markets are looking heavily overvalued, you'd go to, say, bonds, but if you project higher than normal rates of inflation, what good is a T-bill or super safe muni bond that'll still see you loosing money relative to inflation. Theres commodities, but which ones? Gold is generally the thought in times like these and the activity there speaks for itself. Annoying tax implications if the ETF you're using has actual gold reserves, blah blah but if you look at the trading volumes this is not a deterrent.

In any event, I looked at everything, and thought, hey, the Ferrari 458 is a known object of only diminishing quantity. There can never be another one, nothing is going to come on the market and usurp its USP. It's desired globally, and even though they made plenty, it's still relatively scarce. Yes, it will depreciate with miles (I disagree with $4/mile, I think it's closer to $1), but I think that could be offset depending on your ownership timeline as values flatten and perhaps one day slowly appreciate. But forget appreciation for a second. As a place to park money with a guaranteed value insurance policy I personally felt okay having that much less exposure to equities. Yes, if the market dives, so too will the demand for un-needed luxuries. But I think 458 valuations are much more in line with reality than most stocks. No, its not a hedge, but seeing the market conditions as I believe they are, a 458 seems like not the worst place in the world to have some capital.

Also, got to make hay while the sun is shining. There's a reason my 458 is covered dirty again at the detailers now, getting an underbody wash and some protection to go right back on the road again and its not overt pragmatism. Which is to say, I can try to justify it all I want, but at the end of the day, it makes me happy, and its a supreme privilege with which to indulge. I do feel a little funny driving around something that for so many is a symbol of inequality in this country which Is why I try to be so effusively positive when answering questions or letting people sit inside.

Anyway, happy to hear others are driving it and enjoying it! Let the experiment continue.

 

Miles of smiles.

 

Amazing the things we tell ourselves to justify these cars LOL

 

You got me there. Hey, it makes me sleep better at night.

 

Deep but all true.

Im in Australia and see all the you tube blogs about this stuff in the States but I guess Americans are just ignoring it

 

You can retrofit cruise and its not expensive either

Sent from my CLT-L09 using FerrariChat.com mobile app

 

I am spending my children's inheritance, but they will have cool stories to tell any future grandkids about us and some cool cars

Sent from my SM-G975U using Tapatalk

 

Guess your crystal ball is better.

 

A 458 is my dream car. I have been driving a 355 for almost 6 years now. What happened to this country, where we almost have to be ashamed for working our butts off to drive these cars. At least I know I did. Equality equals communism and everyone will be broke. I grew up in an eastern block country of Europe under communist rule. People want equality and socialism. We will all be driving Ladas before u know it. Then everyone will be happy.

 

Apologies, Just seeing this now. I do agree that blindly Villainizing wealth is not healthy and unfounded as any construct that Catalyzes or creates hatred in and of itself is dangerous and grotesque. I too worked hard to get my Ferrari.

But without getting political...I think the crux of the frustration lies in the potential for realistic upward mobility. Too much of my success has to do with things that weds totally out of my control. Growing up I went to good schools, had access to resources, did not have to think about health care, had all the extra curricular and experiential opportunities (including travel which I believe to be critical), and a very supportive family structure. Father is a doc, mother a teacher. It’s especially notable I graduated from a great private university with zero debt because of my parents, a gift that will give for the rest of my life. Were I born otherwise the same into, say, the south Bronx instead of what only amounts to a few miles in a more affluent direction, the chances of me writing this post while sitting in my Tokyo hotel room is dramatically decreased.

Again, as an analyst who probably does but tries not to drink his own kool aid, I try to look at the situation like I would any company and it’s untenable. The older generation grew up with a far more Plausible high school to immediate career path, with our education system designed around a construct that hasn’t existed for a long time. On their way to work, they had far, far cheaper costs of living, which often meant a parent at home or more present and a more stable upbringing. A normal job could net a home, personal transport, etc without debt. Student loans were much less punitive in their accrual of interest being non privatized, and on and on. Bottom line, there was more opportunity with a much lower upfront cost to glean that opportunity.

So, without writing forever and I barely scratched the surface, I think the legitimate reasons behind the angst we encounter are that for the average person busting their ass who’s got 30K in Credit cars debt at 24%, health care bills and garbage or no insurance (in New York for example if you make more than the federal subsidy limit which is still dog **** in a place like NYC you get no discount the cheapest market plan is about $550 a month with $7+K deductibles snd coinsurance to boot which is madness) , working two jobs, and spending 60+% of their income on housing, they’re never going to get out from the whole. Statistically it’s been compounding and getting worse. Seeing our cars might be a reminder of the deck being stacked. For sure, I don’t know any many other places where anyone from anywhere can become successful monetarily, but it has become harder. So in summation my hypothesis is that 20+ years ago a Ferrari would encourage someone to work harder if they care for that kind of thing, whereas today, thanks to what I said plus a whole lot of unfounded cultural influence about what kind of people buy Ferrari’s and all the bull **** zeitgeist about wealthy people that’s grown out of what were originally sensical intentions of the origins of the 99% movement, it is something of a different symbol. That said, a lot of my interactions are positive. There’s also the environmental faction to consent with. Yes my Ferrari polluted but so did your yoga trip to Tahiti. In fact, do you know how many miles I could drive my car just from your flight....it always falls on non receptive get an EV ears. Sorry for the ramble, hard on mobile and exhausted from time change.

 

Incredibly well articulated.